Questions tagged [united-states]

For questions that relate to the laws, practices, and products of the United States.

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6
votes
1answer
10k views

Can multiple Form 4868 be placed in same envelope?

When filing automatic extension of time to file with no tax due, can multiple extensions with the same address be placed in the same envelope or need they be mailed individually?
9
votes
2answers
618 views

What increases your chance of being audited?

What increases your chances of being audited? Having a home office? Small business? what decreases your chances? Does hiring an accountant do your taxes makes it look more credible to IRS agents?
28
votes
3answers
1k views

Do traditional and Roth 401k have the same annual contribution limit?

According to everything I can find, the annual contribution limit for both traditional and Roth 401k is the same ($16500 in 2010). Since the Roth is post-tax, doesn't that mean I can save more for ...
5
votes
1answer
199 views

Avoiding ammending taxes for forthcoming 1099-R for 2011 when filing 2010 for IRA

I over contributed to my traditional IRA last year. This was then converted along with all my traditional IRAs into Roth IRAs in 2010. Then in 2011, I recharacterized the excess and earnings from Roth ...
8
votes
3answers
199 views

How can I tell if my tax accountants are adding value?

My tax accountants are charging us $800 ($400 each for my wife & I) for our state and federal returns this year. Our returns are fairly simple, so I'm wondering if I'm getting any real value out ...
4
votes
3answers
2k views

Can I pay taxes using bill pay from my on-line checking account?

It is US federal income tax time, and it seems I've developed an allergy to stamps & envelopes, and can't even find my checkbook. So I'm wondering, if I just use my bank's online "pay a bill" ...
6
votes
4answers
666 views

Should we draw down a previous employer's 401k or roll it into something else?

My husband has a 401k from his previous job which is worth about $13,000. He wants to take it out and use it. His new job has a 401k option that he has not looked into yet. I was wondering if we did ...
4
votes
1answer
129 views

Shall amounts in Tuition Statement be reported in Federal tax report?

I received 1098-T form from my graduate school in US. In the form, there are two nonzero amounts: Amounts billed for qualified tuition and related expenses (box 2) scholarships or grants (box 5) I ...
4
votes
1answer
170 views

Understanding W-2 form and relation to tax report in US

In W-2 form, I was wondering what is the relation between "Wages, tips, other compensation", "social security wages", "Medicare wages and tips" and "State wages, tips, etc"? I heard that "Wages, ...
4
votes
1answer
131 views

Deduct payments towards HSA alongside unreimbursed medical expenses on taxes?

I have medical expenses paid out of pocket and payments (pre-tax) to my health savings account. Can I consider both of those totals when computing my eligible medical expenses total for that deduction?...
3
votes
1answer
936 views

What is the difference between adjustment, subtraction, deduction, exemption in tax forms?

In US federal tax 1040 form, there is "adjustment" on the bottom of the first page at line 36, "itemized deduction" at line 40 on the second page, and "exemptions" at line 42 on the second page. "...
3
votes
2answers
214 views

Tax implications of re-characterizing a Traditional IRA to a Roth IRA after having taxes filed for the year it was contributed to

I filed my 2010 taxes in February of 2011. In the first week of April 2011, I opened a Traditional IRA account online with Fidelity and contributed the maximum allowable amount of $5000 for the year ...
4
votes
2answers
160 views

Becoming a citizen and then expatriate

If I become a citizen of the United States and then decide to live in a foreign country, must I pay any form of taxes to the United States Government. First scenario assume that all my income would ...
16
votes
4answers
12k views

How can I make “four equal” quarterly tax payments when I don't know what my income will be?

I'm running my own business for the first time and I noticed while filing my first quarter's estimated taxes that the instructions ask you to make "four equal payments" throughout the year. But many ...
5
votes
4answers
1k views

Should LLC be opened in US or overseas?

I am a dual US and EU citizen looking to open an investment holding company under an LLC. For optimal tax circumstances, should the LLC be opened in the US or overseas?
7
votes
2answers
146 views

College Planning specialists

I went to a 'free' seminar tonight regarding college planning, how to get the most financial aid possible, etc. It turned out to be a financial planner who specializes in college financial planning. ...
8
votes
2answers
1k views

Should I make extra payments to my under water mortgage or increase my savings?

Currently I have a mortgage that I am underwater on by about $10K - $15k, and I am looking to move to a different state in the next year for several unrelated reasons (not buying a new home). I have ...
20
votes
7answers
186k views

Can foreigners holding US tourist visa create a bank account in USA?

I am not a US citizen and want to visit USA as a tourist. Since withdrawing money from my home-country bank account will cost much, it is better to open an new bank account in US (after arriving) ...
0
votes
1answer
128 views

Advice on TIAA-CREF allocation?

I'm in a TIAA-CREF program, which (I think) is like a 401(k). I say "I think" because I haven't studied 401(k)'s, having never invested in one. My question: is there anything special about TIAA-CREF ...
7
votes
3answers
13k views

American credit card with a foreign billing address?

Are there any American credit cards that I can use with a foreign billing address? Specifically, if I have the card now, with an American billing address, and if I move abroad, will I have to give it ...
7
votes
1answer
555 views

What is my next step with investing, given a signing bonus of restricted stock units?

So, here's my status: I have never owned stock or investments of any kind, and currently have only a checking and savings account to my name, with a small amount of stock. I'm receiving a signing ...
3
votes
1answer
104 views

When spending parts of a year working in the US, and other parts working in Canada, where do I file my taxes?

I worked both in the US and Canada last year, while being resident in only one country. Am I required to report all of my income from both countries to both governments, or is there some rule or ...
6
votes
4answers
914 views

Where should I place money I'm saving for a home downpayment?

Roth IRAs allow distributions of up to 10k for "first time home buyers," after they've been open for five years. If you knew you were going to use the money for a downpayment in five years or less, it ...
8
votes
3answers
575 views

How safe will Roth IRAs/401(k)s be going forward re: US's deteriorating fiscal position?

I've on and off wondered how "safe" Roth accounts are and things like this anti-Roth screed in the LATimes and this blog post at the Atlantic talking about the sad fiscal shape of the US has me ...
64
votes
3answers
12k views

Saving for retirement: How much is enough?

How to save I'm in my late twenties and am trying to get started off on the right foot saving for retirement. I have learned that retirement savings should usually be placed in retirement accounts in ...
8
votes
3answers
369 views

How to handle old 401(k) I have, with respect to refinancing some of my debts?

I have recently been shopping around to see if I could get my home refinanced. I purchased in Oct. 2007 for $200,000 - 30 year fixed at 5.99%. I called my lender and they were willing to refinance at ...
16
votes
2answers
2k views

Double taxation on Americans working abroad?

I am an American. I am currently living in the UK. The UK will tax me on my income here. The US will also tax me on my income if I make more than a certain amount. Can anyone tell me what that ...
5
votes
2answers
128 views

I would not like to rush to file taxes at the last moment. Does it make sense to file Form 4868?

Although I have all my tax information now in one place, I would like to study itemized deductions better and make sure that I file all my taxes correctly and maximize my returns. Does it make sense ...
4
votes
3answers
667 views

Can I claim medical expenses credit by amending my previous years' tax returns?

I am filing my taxes very close to the deadline. I was hospitalized for most of last year and had a lot of medical expenses, which way exceed my income. I was wondering if I can claim credit for those ...
8
votes
3answers
4k views

What is the best way of transferring money from American to Canadian bank? [closed]

I am a Canadian that will be working in US for some time. I will still have Canadian bills to pay, so I would need to regularly transfer US dollars from some US bank to my Canadian bank account in $...
5
votes
3answers
93 views

Designating a Roth contribution to the 2010 tax year: How does it work?

I would like to contribute $2000 to my Roth IRA and designate the contribution for the 2010 tax year. I would also like to know just how it works and how to do it. I know that designating this for ...
6
votes
1answer
669 views

If my parents claim me for taxes do I have to pay taxes?

This is kind of a late question. I am contractor at my current job (19 years old) and I have to pay taxes this year. If my parents claim me will the taxes I owe just come out of the money they get ...
1
vote
1answer
8k views

Where on schedule C should a PO Box Rental fee go?

I'm filling out my US Income tax forms and I am trying to decide where on Schedule C to put the expense for a PO Box Rental. My first guess was "Communication," but I'm not sure. "Office Expense" or ...
3
votes
2answers
15k views

Are donations to public schools tax deductible like a 501(c)(3) organization?

In the United States, are donations to public schools like a local elementary school deductible in the same way that donations to a 501(c)(3) charity or a church are deductible?
3
votes
1answer
27k views

How to record business income tax paid, in QuickBooks?

This is not a personal finance question, but I don't see a StackExchange site dedicated for business finance/accounting. So I'm asking it here. I run a small business (LLC) and using QuickBooks for ...
4
votes
1answer
57 views

When filing part time residency how does one determine interest earned in which state?

I am filing in two states. My residency ends up being about 60-40. On the state forms it asks Interest and Dividend from State sources. Do I have to claim it on both, or do I just claim it on the ...
5
votes
3answers
2k views

How do I cash out an Ameriprise Roth IRA and VUL?

I have two accounts with Ameriprise: a Roth IRA and a VUL. I sent them a letter requesting the forms necessary to cash out all of my accounts, and listed the account numbers. They only sent me a ...
4
votes
1answer
114 views

What are the some banks for businesses looking to handle *everything* online?

My business works with contractors and customers around the world and I have plans for long-term travel for myself. The small local bank I'm currently with doesn't seem like a good fit for my company. ...
3
votes
2answers
328 views

ESPP taxes after relocating from Europe to the United States?

I was working for company X(Europe) where I was enrolled in ESPP (Employee Stock Purchase Program). After a few months when I sold the stock I received an offer from the X(US) "the mother company" to ...
5
votes
2answers
873 views

Does a child own an Education IRA (Coverdell Education Savings Account) upon turning 18?

If I am custodian for an Education IRA (Coverdell Education Savings Account). What happens when the child turns 18 (age of majority)? Do they get control or does it remain with the custodian? My ...
6
votes
3answers
1k views

Should I take a loan on my 401k to repay student loans?

I have a student loan that has 6.5% interest (highest rate of many) and would be able to repay it if I took a loan on my 401k. I know the basic trade-off is that my money may do better in the 401k ...
4
votes
1answer
435 views

Deducting medical expenses paid for someone other than yourself or spouse

Can I deduct medical expenses that I paid for my girlfriend's medical bills? She has about $1000 a month of medical bills (prescriptions etc) and is in between insurance. I've been covering it for the ...
11
votes
3answers
3k views

Who keeps track of my contributions to my Roth IRA?

Since withdrawals up to the amount you contributed in a Roth IRA are tax and penalty free, who keeps track of that amount? I've transferred my Roth IRA from one broker to another so the new broker ...
7
votes
2answers
374 views

What kind of credit rating hit can I expect if I short sell my house?

Like many others, my house has fallen in price so much that I now owe the bank over much more than I can sell it for between the first and second mortgage. I know that in my state (and many others) I ...
4
votes
4answers
436 views

Why are typical 401(k) plan fund choices so awful?

I don't expect a huge number of funds to choose from in a 401k plan, but all the plans I've ever seen are loaded with funds that have outrageously high management expense ratios (MERs) and they ...
6
votes
2answers
251 views

Should I take contributions out of my Roth IRA to live off of?

My current contract is ending, with no future job immediately lined up. I have a few thousand dollars in my checking/savings accounts, and a significant amount of cash in my Roth IRA. I have no debt. ...
10
votes
3answers
13k views

How does a 401k being tax-deferred benefit me? If there was not an employer match, should I just go with a traditional IRA?

I have maxed out my 401K for the past 6 years or so, always hearing how it is advantaged. I have done researched and convinced myself it was true, but I was always under the impression that earnings ...
3
votes
1answer
1k views

Tax obligations on foreign term deposits

I have dual U.S./Australian citizenship and reside permanently in U.S. I am expecting an inheritance from a relative's estate in Australia. If I open an account with an Australian bank and invest in ...
11
votes
6answers
3k views

Do I end up richer paying down a mortgage or contributing to an IRA?

I have $10,000 extra cash that I can either use to pay down my 5% mortgage, or contribute to my IRA. I'm 30 years old. I hope to pay off the mortgage in about 5 years. I'm stymied, because: Paying ...
7
votes
3answers
8k views

How should I go about filing taxes if I have 2 different W-2s from 2 different jobs?

I worked 2 different jobs (Jan - Aug) and then (Aug - Dec) in 2010. I have W-2's from each of these jobs. What is the best way to go about filing taxes for this kind of scenario? What should be ...